The Police on Thursday arraigned a 52-year-old man, Emmanuel Afam, before a Badagry Chief Magistrates’ Court in Lagos for an alleged ?5,370,000 fraud.
The defendant, of no fixed residential address, is facing a two-count charge of fraud and stealing, to which he pleaded not guilty.
The Police Prosecutor, ASP Clement Okuoimose, told the court that the defendant committed the offences on January 14 at APT Market, Trade Fair Complex area of Lagos.
Okuoimose said the defendant obtained the sum of ?5,370,000 from one Christopher Columbus under false pretence of helping to exchange it to Chinese currency and transfer it to his account, which he never did.
The prosecutor said the defendant failed to fulfill his promise, but instead converted the money to his personal use.
According to him, the offences contravene Sections 314 and 287 of the Criminal law of Lagos State, 2015.
The News Agency of nigeria reports that Section 287 stipulates three years’ jail term for stealing.
The Chief Magistrate, Fadahunsi Adefioye, granted the defendant bail in the sum of N1 million with two sureties in like sum.
Adefioye said the sureties must reside within the court’s jurisdiction with evidence of tax payment to the Lagos State government.
The Chief Magistrate adjourned the case until October 11 for mention.